Capitalism Perverted
The Author
Before transitioning to the financial sector, Wayne Armitstead spent 20 years as a teacher/administrator in Alberta, British Columbia, the Yukon and Australia. His 30 year financial career as broker/ financial advisor began in Edmonton, Alberta then moved to Victoria, British Columbia, where he specialized in portfolio management for wealthy clients.
Following the financial system collapse of 2008, Wayne shut down his business in 2010 due to the unpredictability of markets resulting from various government interventions taken to re-stabilize the system. He has observed at close hand the evolution of the financial system over the years, and has analysed the causes of changes in the nature of capitalism and of phenomena like income inequality.
For more background information, please view the five video interviews with Dr Michael Collins, Economic Historian.
The Book
Capitalism Perverted is now available from Friesen Press and also from Amazon.
Part 1
Part 1 looks at the evolution of the financial system and its transition to a world where inequality of wealth and income exists due to the wealthy dominating the power structure.
Part 2
Part 2 looks at Minsky's analysis of the problem of excess credit that led to this evolution and his solutions that would repair some of the excesses while permitting the positive aspects of capitalism to continue. These solutions would be applied to the problems listed in Part 3.
Part 3
Part 3 lists a number of existential problems facing the earth that will be better resolved through goodwill and cooperation between nations in contrast to the competition that has characterized the world to this point in history. These problems include national debts, population growth, climate change, militarist spending in the guise of national security, international trade, and reform of the United Nations.
Read an interview in the Lighthouse Now newspaper - Apr 29, 2020.